Cadrex Manufacturing, a portfolio company of CORE Industrial Partners, has acquired IDL Precision Machining.
IDL is a manufacturer of complex precision components and assemblies that are used in the aerospace and defense sector. Within aerospace and defense, IDL serves a variety of subsegments and applications, including C4ISR, electronic warfare, space, commercial avionics, aircraft controls, interiors and in-flight entertainment (C4ISR refers to command, control, communications, computers (C4), intelligence, surveillance and reconnaissance (ISR)).
IDL is a manufacturer of complex precision components and assemblies that are used in the aerospace and defense sector. [Source: IDL Precision]IDL’s services range from initial design and concept engineering through product development, prototyping and qualification, to full-scale production utilizing CNC machining, including horizontal milling, vertical milling and turning.
IDL, headquartered just north of Seattle in Mukilteo, Washington, was founded in 1987 and acquired by its co-presidents Robert Peha and Dean Handaly in June 2012.
In August 2022, CORE Industrial Partners launched its Cadrex platform to consolidate its investments in eight companies including Illinois-based CGI Automated Manufacturing (August 2021), Wisconsin-based Advanced Laser (October 2021), Oklahoma-based Precision Metal Fab (December 2021), Michigan-based Haven Manufacturing (February 2022), Minnesota-based Richlind Metal Fabricators (February 2022), Massachusetts-based DFF Corporation (March 2022), Illinois-based Elite Manufacturing Technologies (June 2022), and Wisconsin-based Tenere (July 2022).
Today, Cadrex is a provider of sheet metal fabrication with service capabilities that include laser cutting, CNC punching and machining, forming, robotic welding, fastener insertion, and assembly. The company specializes in short lead times for mid-to-high volume sheet metal production parts, assemblies, and weldments in stainless steel, aluminum, galvanized, cold rolled, or hot rolled materials. Cadrex has a specialization in serving customers in the electrical transmission and distribution sector, and also serves the warehouse automation, technology, aerospace and defense, medical, food, and industrial sectors.
[Source: Cadrex]With the addition of IDL, Cadrex now includes nine business units with an aggregate 1.5 million square feet of manufacturing space and more than 2,000 employees across nine states and Mexico. Cadrex, led by CEO Carey Chen, is headquartered in the Chicago suburb of Romeoville, Illinois.
“We believe IDL is a highly synergistic add-on to Cadrex,” said Matthew Puglisi, a partner at CORE. “In addition to broadening the platform’s reach to include new, market-leading customers across numerous segments within the attractive aerospace and defense sector, the acquisition of IDL also provides incremental complex precision machining capabilities and a compelling new geographic location in the Pacific Northwest.”
Chicago-based CORE makes control equity investments of up to $100 million in North America-based companies that have revenues of up to $200 million and EBITDA of up to $20 million. Sectors of interest include a range of specialty verticals within the manufacturing and industrial technology sectors.
Janes Capital Partners was the financial advisor to IDL on this transaction.
Cadrex Manufacturing, a portfolio company of CORE Industrial Partners, has acquired IDL Precision Machining.
“We believe IDL is a highly synergistic add-on to Cadrex,” said Matthew Puglisi, a partner at CORE. “In addition to broadening the platform’s reach to include new, market-leading customers across numerous segments within the attractive aerospace and defense sector, the acquisition of IDL also provides incremental complex precision machining capabilities and a compelling new geographic location in the Pacific Northwest.”
Chicago-based 
